Infographic: Millennial money perspectives
Young adults see avoiding debt as No. 1 priority, far ahead of homeownership
Two themes are clear from Facebook’s recent study of millennials' money perspectives: Debt is the enemy, and women drive more financial conversation.
The aversion to debt was documented by several findings, headlined by more than half of working-age millennials (57 percent) preferring to pay with cash over credit. When asked how they define financial success, being free of debt was the overwhelming top choice at 46 percent, dwarfing the 21 percent that said owning a home signaled success.
Similarly, paying down existing debt was a top financial priority among millennials, identified by about 4 in 10 respondents (43 percent).
In an analysis of financial discussions that occur on Facebook, millennials were found to spark 40 percent of the conversations, with women driving the following majorities of the discussions:
- Peer-to-peer payments: Women 71%.
- Loans and mortgages: Women 70%.
- Banking: Women 68%.
- Investments: Women 62%.
- Credit cards: Women 60%.
The Millennials & Money study was conducted by Facebook IQ, the social media company’s consumer research arm. Segmenting data from a January 2016 survey of 27,000 Facebook users to isolate millennials ages 21-34, the study also features Facebook’s first publication of findings from its proprietary conversation analysis.
To use the graphic on your site, use the following code:
- Credit card bills are first to go unpaid, Fed finds – When bills must go unpaid now, credit cards are at the top of the list, a Federal Reserve survey finds. That changed during the recession, when credit card bills were paid because they were viewed as a financial lifeline ...
- Small businesses often rely on credit cards, Fed study finds – Credit cards play a major role in financing small businesses, a new Fed survey finds. More than half of small businesses surveyed (51 percent) reported using credit cards for their operations on a regular basis ...
- Who rolls over card debt and pays late? Study finds surprises – Among cardholders who roll over their debt from month to month, age and other financial obligations -- not income and education -- are factors in who pays on time and who pays late, a new Auriemma Consulting Group study finds ...